CFTC to Host Cryptocurrency CEO Forum to Discuss Digital Asset Market Pilot Program

Feb. 3 — According to Bloomberg, the core driver behind Bitcoin’s current “slow” selloff is that the group of investors expected to step in as key support and a new stable buying force has failed to keep entering the market. Glassnode data shows U.S. Bitcoin spot ETF investors have an average cost basis of roughly $84,100. With Bitcoin currently hovering around $78,500, this group is sitting on a paper loss of 8-9%. This isn’t the first time ETF investors have been underwater. Back in November 2023, when Bitcoin briefly fell below $89,600 — the average cost basis for ETF investors then — analysts noted this would be a key test of the new mainstream investors’ conviction. Though still profitable amid inflows into early 2024, the overall average cost basis for ETF holders has fallen, and latecomers are now all underwater. From its peak, Bitcoin has dropped more than 35% from its 2024 high and briefly dipped below $77k during a low-liquidity weekend trading session. Analysts cite mu

Feb. 3 — In a Feb. 2 interview with CNBC, Stephen Roach, a two-time winner of China’s Most Influential Economist title, stated: “While it’ll take some time for the dust to settle, we think silver’s bottom is in the $75-$80 per ounce range, and gold’s floor is around $5,000 an ounce or lower.”

Per Onchain Lens monitoring, the team allocation wallet for meme coin TRUMP transferred 5.267 million TRUMP tokens to a BitGo custody wallet on February 3, with the transaction valued at approximately $22.44 million.

Feb 3 — Per Onchain Lens monitoring, an 8-year dormant Bitcoin address "3BTqd" has transferred 243 BTC (valued at roughly $19.15 million) to crypto exchange Gemini.

**February 3 – A cryptocurrency advocacy group described Monday’s White House meeting on “Defining Stablecoin Yield” as a “critical step” and necessary development for advancing crypto legislation amid ongoing legislative efforts. Compromise solutions on the issue, however, may not come easily.** **Representatives from Coinbase, major crypto industry associations, and banking organizations gathered in Washington, D.C., to discuss regulatory approaches to stablecoin yields and whether third parties (including Coinbase) should be permitted to offer such yields. The meeting was chaired by Patrick Witt, a member of the President’s Digital Asset Advisory Committee.** **Blockchain Association CEO Summer Mersinger stated: “Today’s White House meeting marks a significant step forward in pursuing a bipartisan legislative solution for digital asset market structure. We appreciate Patrick Witt and the administration’s leadership in convening stakeholders to address one of the remaining crit

February 3rd — Per Coinglass data, Bitcoin fell below $75,000 yesterday and has rebounded above $78,000 today. Funding rate metrics show strong bearish sentiment in the market: Bitcoin’s funding rate has turned negative across multiple exchanges, meaning short traders are paying fees to long traders to maintain their positions. Ethereum’s negative funding rate is notably higher than Bitcoin’s, reflecting a more pessimistic market outlook for Ethereum. Note from BlockBeats: Funding rate is a fee set by crypto trading platforms to keep contract prices aligned with underlying asset prices, primarily for perpetual contracts. It’s an exchange between long and short traders—platforms do not collect this fee; instead, it adjusts the cost or profit of position holders to ensure contract prices track underlying asset values closely. Key rate thresholds: - 0.01% = baseline rate - Above 0.01% = generally bullish market - Below 0.005% = generally bearish market